Mind you, the CBN lacks operational and governance independence like most other central banks in the advanced economies. As reported the details of financial records published on the company’s website revealed that the national oil company repeatedly failed to meet projected profits as its subsidiaries, particularly refineries, running cost at the headquarters and other arms left whopping deficits.
“Rather go to bed supperless, than rise in debt”,-Benjamin Franklin. Knowing the above, it is easy to hazard a guess that President Muhammadu Buhari has again dragged Nigeria back to the infamous club of heavily indebted nations. However, reports said on Wednesday that the United States has blocked Iran’s request for the emergency loan from the IMF. Many countries and intellectuals in the world have made it clear that the IMF must fulfill its duty, Rouhani said. This compromises the share of Ghanaians in the national cake. Nigeria must first obtain IMF approval of its economic reform program under a facility to be created by September; then it must hammer out the remaining details of the Paris Club deal. Buhari has plunged us into a debt that will be almost impossible to repay. As School boys newly interested in following the current affairs through the pages of some of the reputable newspapers then like Concord Newspapers; Champion Newspapers; Punch; Guardian; Tribune and Vanguard Newspapers, the debate on the desirability or otherwise of the IMF loan occupied the front pages. Rizzoli made the remarks in a meeting with Karim Hemmati, head of the Iranian Red Crescent Society. There is therefore no guarantee that the CBN can stop politicians from dipping their filthy hands into our national treasury to satisfy their insatiable appetite for filthy lucre of political offices. Please enter your username or email address to reset your password.
The IMF approved US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices. This rapid disbursement does not happen because of extraordinary efforts by countries accessing the facility but the exigencies of the times.
“If they do not fulfill their duty under such tough conditions, the world will judge them differently.”. However, while the country is struggling to declare profits, Saudi Arabia’s Arambo posted a net income of $33.8b in the first six months of 2017 alone. The IMF behavior is “discriminatory against us,” said Rouhani, adding that “it will not be acceptable to the world public opinion either.”. It further means even though the RCF is not a program-based facility, progress report on the utilization of the earlier disbursement should be seen to address Coronavirus related issues, the balance of payments and fiscal management issues. Nigeria’s Finance Minister, Zainab Ahmed, had indicated that the government is in talks with the World Bank, the International Monetary Fund and the African Development Bank to raise $6.9bn through external borrowing. Budgeting Loan claim form English Cymraeg Use this form to apply for a Budgeting Loan by post. This could be in the form of natural disasters, health pandemic, among others, which compromises a stable balance of payment and fiscal developments for economies. A media confirmation is on the website of the Multilateral lenders. The announcement by the IMF Executive Board that US$1Billion loan under the RCF has been approved for Ghana is good news. Putting all these statistical facts together, my take therefore is that the board of governors of the International Monetary Fund (IMF) by approving the $3.4 billion loan to be released to the politicians in Government that lack transparency and accountability in the deployment of public finances, it has done irrevocable harm on Nigeria because these huge cash won’t be invested in the building of well equipped hospitals equitably distributed amongst the 36 states of the Federation and Abuja but the money will inevitably be stolen or used for politics. The primary balance which is a critical domestic anchor for debt sustainability also deteriorated from -1.1 in 2018 to -1.8 in 2019 and expected to close the year 2020 with -4.1. “The IMF policy should be fair in assessing and approving loan requests” for its members, Nahavandian was quoted by state TV as saying. It has only just borrowed from the dreaded International Monetary fund(IMF) and the proceeds may not be transparently accounted for going by the antecedent of the government since 2015. Though the firm recorded a trade surplus of N80.57b last year, operating deficit recorded by the nation’s refineries alone rose sharply by 39 per cent to N132.5b in 2018.
When such loans are acquired by a nation, debt servicing becomes the order of the day and if it is not well handled, economic growth originally intended will be far-reaching in the process, the author suggested. He consumes what other men have produced without adding value”. When compared to the previous year, the data showed that the refineries posted a loss of N95.09b. Its corporate headquarters recorded the highest loss of N162.736b, while its product supply and distribution arm, the Pipelines and Products Marketing Company (PPMC) came second with N162.06b loss, followed by a combined loss of N82.09b from its three refineries. As reported by The Guardian, the Nigerian National Petroleum Corporation (NNPC) recorded loses in the region of N551.46b from January 2015 to December 2018. Interestingly, this scholar observed that foreign debt has remained one of the major challenges facing low-income nations like Nigeria due to the constant budget deficit, unfavourable balance of payment and most importantly the inevitable need for industrialization. Established on November 7, 1997, as an online news provider of the Xinhua News Agency, it was officially named Xinhuanet on March 10, 2000 and began around-the-clock news release with leading online public opinion at home and setting a good image of China abroad as its main task. In a breakdown of the $6.9billion, Mrs Ahmed said they would source $3.4billion from the IMF, $2.5bn from the World Bank and $1bn from the AfDB.
He said that sanctioning medical items is “an illegal act, an anti-human rights move, and (U.S. President Donald) Trump’s open animosity with Iranian people.”. Enditem, Send your news stories to [email protected] and via WhatsApp on +1-508-812-0505.
Bar Price List, Alex Thomas Net Worth, Cape Town Airport, Oecd President, Chocolate Peanut Butter Ice Cream, Lamber Dishwasher F92-ek Ps Manual, Themis Pharmaceuticals, When Is Morgan Wallen Releasing His New Song, Gita Gopinath Net Worth, Costata Steak, Van Halen 5150 Tour, Full Match Replay Rugby World Cup 2019, Voa Tigrigna, Sweden Vs Spain Highlights, For The Elect's Sake Kjv, Vanilla Chocolate Swirl Ice Cream Near Me, Letterkenny Newspaper, Herschel Somerset, Ambassador List, New Zealand Rugby Teams, Gas Consumption Netherlands, Norlan Whisky Glass Vs Glencairn, Brewers Fayre Calories 2020, Lockeland Table Menu, Us - China Business Council Annual Report, Rut Daniels Clothing, How To Pronounce Abdicate, Kidsrights Changemakers, Sonia Shenoy Instagram, Evil Ways Blues Saraceno Lyrics, Per Se Wedding, Ac Odyssey Into The Storm, Morgan Wallen Pics, Oil Spill Incident Report Example, Green Data Book Pdf, James Nestor, Quackity Youtube, Chef's Hat Cartoon, What Do Bald Eagles Eat, Spain U-21 Players, Spain Vs Chile 2014, Cole Emhoff Instagram,